v3.26.1
BORROWINGS (Tables)
 12 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Borrowings Outstanding
The Company had the following borrowings outstanding as of March 31, 2026 and March 31, 2025 (amounts in thousands):

Outstanding BalanceUnamortized Debt Issuance Costs and Debt Discount/Premium (1)Recorded ValueEstimated Fair Value (2)
March 31, 2026
SBA Debentures$223,000 $(5,333)$217,667 $214,238 
Corporate Credit Facility245,000 — 245,000 245,000 
SPV Credit Facility100,000 — 100,000 100,000 
2029 Convertible Notes230,000 (5,413)224,587 218,150 
September 2030 Notes350,000 (6,029)343,971 344,385 
$1,148,000 $(16,775)$1,131,225 $1,121,773 
March 31, 2025
SBA Debentures$175,000 $(4,082)$170,918 $166,460 
Corporate Credit Facility235,000 — 235,000 235,000 
SPV Credit Facility108,000 — 108,000 108,000 
October 2026 Notes150,000 (1,154)148,846 130,899 
August 2028 Notes71,875 (1,681)70,194 73,571 
2029 Convertible Notes230,000 (6,893)223,107 225,780 
$969,875 $(13,810)$956,065 $939,710 
(1)The unamortized debt issuance costs for the Corporate Credit Facility and the SPV Credit Facility are reflected as "Debt issuance costs" on the Consolidated Statements of Assets and Liabilities.
(2)Each estimated fair value for the SBA Debentures, the October 2026 Notes, the 2029 Convertible Notes and the September 2030 Notes is a Level 3 fair value measurement under ASC 820 based on a valuation model using a discounted cash flow analysis. The estimated fair value of the August 2028 Notes was based on the closing price of the security on the Nasdaq Global Select Market, which is a Level 1 input under ASC 820. The estimated fair value of the Corporate Credit Facility and the SPV Credit Facility approximates its recorded value due to its variable interest rate.
Schedule of Credit Facilities
The summary information regarding the Corporate Credit Facility is as follows (dollars in thousands):

Years Ended March 31,
202620252024
Interest expense $13,008 $13,655 $16,661 
Unused commitment fees1,819 1,710 1,152 
Amortization of deferred financing costs2,436 2,262 1,813 
Total interest and amortization of deferred financing costs$17,263 $17,627 $19,626 
Weighted average interest rate6.43 %7.33 %7.66 %
Average borrowings$202,329 $186,274 $217,500 
The summary information regarding the SPV Credit Facility is as follows (dollars in thousands):

Years Ended March 31,
202620252024
Interest expense$7,198 $6,118 $— 
Unused commitment and other fees1,299 1,165 45 
Amortization of deferred financing costs456 432 — 
Total interest and amortization of deferred financing costs$8,953 $7,715 $45 
Weighted average interest rate6.64 %7.32 %— %
Average borrowings$108,479 $83,534 $— 
Schedule of Notes and SBA Debentures
The summary information regarding the January 2026 Notes is as follows (dollars in thousands):

Years Ended March 31,
202620252024
Interest expense$— $4,358 $6,300 
Amortization of deferred financing costs— 224 337 
Total interest and amortization of deferred financing costs$— $4,582 $6,637 
Weighted average interest rate— %4.46 %4.46 %
Average borrowings (1)$— $140,000 $140,000 
(1)Average borrowings for the year ended March 31, 2025 was calculated from April 1, 2024 through December 9, 2024 (the redemption date of the January 2026 Notes).
The summary information regarding the October 2026 Notes is as follows (dollars in thousands):

Years Ended March 31,
202620252024
Interest expense$2,714 $5,062 $5,062 
Amortization of deferred financing costs412 770 814 
Total interest and amortization of deferred financing costs$3,126 $5,832 $5,876 
Weighted average interest rate3.50 %3.50 %3.50 %
Average borrowings$77,545 $150,000 $150,000 
The summary information regarding the August 2028 Notes is as follows (dollars in thousands):

Years Ended March 31,
202620252024
Interest expense$2,986 $5,570 $4,425 
Amortization of deferred financing costs270 501 423 
Total interest and amortization of deferred financing costs$3,256 $6,071 $4,848 
Weighted average interest rate7.75 %7.75 %7.75 %
Average borrowings (1)$38,533 $71,875 $71,875 
(1)Average borrowings for the year ended March 31, 2024 was calculated from June 14, 2023 (the issuance date of the August 2028 Notes) through March 31, 2024.
The summary information regarding the 2029 Convertible Notes is as follows (dollars in thousands):

Years Ended March 31,
202620252024
Interest expense$11,788 $4,650 $— 
Amortization of deferred financing costs1,479 613 — 
Total interest and amortization of deferred financing costs$13,267 $5,263 $— 
Weighted average interest rate5.13 %5.13 %— %
Average borrowings (1)$230,000 $230,000 $— 
(1)Average borrowings for the year ended March 31, 2025 was calculated from November 4, 2024 (the issuance date of the 2029 Convertible Notes) through March 31, 2025.
The summary information regarding the September 2030 Notes is as follows (dollars in thousands):

Years Ended March 31,
202620252024
Interest expense$11,107 $— $— 
Amortization of deferred financing costs715 — — 
Total interest and amortization of deferred financing costs$11,822 $— $— 
Weighted average interest rate5.95 %— %— %
Average borrowings$186,667 $— $— 
The summary information regarding the SBA Debentures is as follows (dollars in thousands):

Years Ended March 31,
202620252024
Interest expense and fees$8,086 $7,085 $5,418 
Amortization of deferred financing costs818 758 619 
Total interest and amortization of deferred financing costs$8,904 $7,843 $6,037 
Weighted average interest rate4.43 %4.40 %4.18 %
Average borrowings$182,715 $161,019 $129,708 

As of March 31, 2026, SBA Debentures issued and outstanding mature as follows (amounts in thousands):

Pooling Date (1)Maturity DateFixed Interest RateDebenture Amount
9/22/20219/1/20311.575%$15,000 
3/23/20223/1/20323.209%25,000 
9/21/20229/1/20324.435%40,000 
3/22/20233/1/20335.215%40,000 
9/20/20239/1/20335.735%10,000 
3/20/20243/1/20345.164%15,000 
9/25/20249/1/20344.509%8,000 
3/26/20253/1/20355.092%22,000 
3/25/20263/1/20364.973%40,000 
(2)(2)(2)8,000 
$223,000 
(1)As of March 31, 2026, the SBA has two scheduled pooling dates for SBA Debentures (in March and in September). Certain SBA Debentures funded during the reporting periods may not be pooled until the subsequent pooling date.
(2)The Company issued $8.0 million in SBA Debentures that will pool in September 2026. Until the pooling date, the SBA debentures bear interest at a fixed rate with a weighted average interim interest rate of 4.52%.
Schedule of Convertible Debt
Certain key terms related to the convertible features of the 2029 Convertible Notes as of March 31, 2026 are as follows:
2029 Convertible Notes
Conversion premium12.0 %
Closing stock price at issuance$22.33 
Closing stock price dateNovember 4, 2024
Conversion price (1)$24.60 
Conversion rate (shares per $1,000 principal amount) (1)40.66 
Last conversion price calculation dateMarch 13, 2026
(1)Represents conversion price and conversion rate, as applicable, as of March 31, 2026, taking into account any applicable de minimis adjustments that will be made on the conversion date.
Schedule of Contractual Payment Obligations
A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at March 31, 2026 is as follows (amounts in thousands):
Years Ending March 31,
20272028202920302031ThereafterTotal
SBA Debentures$— $— $— $— $— $223,000 $223,000 
Corporate Credit Facility— — 245,000 — — — 245,000 
SPV Credit Facility— — 100,000 — — — 100,000 
2029 Convertible Notes— — — 230,000 — — 230,000 
September 2030 Notes— — — — 350,000 — 350,000 
Total$— $— $345,000 $230,000 $350,000 $223,000 $1,148,000